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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks pause at eight-month high after mixed updates - Aberdeen drops as AuM fall three per cent
- Retailers mixed as companies report festive sales
- Mining stocks broadly higher, BHP Billiton upgraded
techMARK 2,841.00 +0.01%
FTSE 100 6,821.68 +0.03%
FTSE 250 16,275.67 -0.11%
Mixed corporate results weighed on UK markets on Thursday morning, as the FTSE 100 opened more or less flat after hitting an eight-month high the previous session.
Aberdeen Asset Management was providing a drag in London early on after a subdued first-quarter performance, while a number of updates from the retail sector disappointed as companies revealed their sales from the key festive season.
Heavyweight mining stocks, however, were limiting downside on the resource-heavy FTSE 100 this morning.
London's benchmark index, which rose to 6,819.86 on Wednesday - its highest level since May 22nd 2013 - was little changed in early trade.
Investors were also showing caution after Frankfurt's DAX and New York's S&P 500 indices reached record highs yesterday.
Aberdeen drops, retailers mixed
Aberdeen Asset Management fell sharply after reporting a 3% drop in assets under management during its first quarter. The fund manager also warned that further volatility in markets and investor sentiment "is likely in the coming months".
Associated British Foods, the food ingredients company and owner of Primark, was also lower after delivering a mixed performance in its first quarter with a strong retail performance offset by a sharp drop in Sugar revenues.
Electrical retailer Dixons was a heavy faller this morning after underwhelming investors with 3% like-for-like (LFL) sales growth in its third quarter. The company warned that it is facing "some very strong comparable in the fourth quarter", saying that the remainder of the financial year will be "more modest than the year to date".
Home-shopping group N Brown said that LFL sales growth slowed from 7.8% in the first half to 5.1% in the third quarter due to an unusually mild autumn.
In contrast, Halfords gained after beating third-quarter forecasts with a 5.2% jump in group LFL sales, helped by strong growth from cycling products.
Argos and Homebase owner Home Retail also rose after saying that full-year profits will come in at the top-end of market forecasts following decent LFL sales growth in its third quarter.
Mining stocks were broadly higher this morning with BHP Billiton among the best performers after Citigroup upgraded the stock to 'buy'. Fresnillo, Antofagasta, Anglo American and Glencore Xstrata were also higher.
United Utilities was lifted by an upgrade by Morgan Stanley to 'overweight'; Royal Mail was pushed lower by a downgrade from Beaufort Securities to 'hold'; Intertek fell after Berenberg cut the stock to 'hold'. |
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| FTSE 100 - Risers
United Utilities Group (UU.) 687.50p +4.32%
Fresnillo (FRES) 719.50p +3.38%
BHP Billiton (BLT) 1,843.00p +2.87%
Antofagasta (ANTO) 807.00p +2.15%
Anglo American (AAL) 1,360.00p +2.06%
Severn Trent (SVT) 1,672.00p +1.89%
Glencore Xstrata (GLEN) 324.75p +1.66%
Rio Tinto (RIO) 3,303.00p +1.51%
Centrica (CNA) 318.90p +1.08%
Tullow Oil (TLW) 872.00p +1.04%
FTSE 100 - Fallers
Aberdeen Asset Management (ADN) 430.00p -4.17%
Associated British Foods (ABF) 2,632.00p -2.37%
Intertek Group (ITRK) 2,915.00p -2.15%
Royal Mail (RMG) 606.00p -1.46%
Pearson (PSON) 1,292.00p -1.45%
Lloyds Banking Group (LLOY) 85.09p -1.40%
Royal Bank of Scotland Group (RBS) 370.70p -1.15%
British Sky Broadcasting Group (BSY) 860.00p -1.09%
GKN (GKN) 399.40p -1.04%
Old Mutual (OML) 193.80p -0.97%
FTSE 250 - Risers
Halfords Group (HFD) 490.00p +6.29%
Polymetal International (POLY) 532.00p +3.50%
Home Retail Group (HOME) 207.00p +2.99%
CSR (CSR) 699.00p +2.79%
Millennium & Copthorne Hotels (MLC) 597.50p +1.79%
Ladbrokes (LAD) 175.80p +1.62%
Imagination Technologies Group (IMG) 194.40p +1.46%
Stagecoach Group (SGC) 379.50p +1.42%
Pennon Group (PNN) 686.00p +1.33%
WH Smith (SMWH) 1,034.00p +1.17%
FTSE 250 - Fallers
SVG Capital (SVI) 426.10p -8.56%
Xaar (XAR) 1,016.00p -5.40%
Premier Oil (PMO) 292.70p -4.97%
Brown (N.) Group (BWNG) 541.00p -3.31%
Ocado Group (OCDO) 508.00p -2.50%
Dixons Retail (DXNS) 49.14p -2.50%
KCOM Group (KCOM) 101.50p -2.22%
Bank of Georgia Holdings (BGEO) 2,434.00p -1.85%
NMC Health (NMC) 450.10p -1.72% |
| | UK Event Calendar | | Thursday January 16
INTERIMS
NCC Group
INTERIM DIVIDEND PAYMENT DATE
Hyder Consulting, Octopus AIM VCT, Tarsus Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Bloomberg Consumer Confidence (US) (14:45)
Consumer Price Index (GER) (07:00)
Consumer Price Index (EU) (10:00)
Consumer Price Index (US) (13:30)
Continuing Claims (US) (13:30)
ECB Report (EU) (09:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Initial Jobless Claims (US) (13:30)
New Car Registrations (EU) (10:00)
Philadelphia Fed Index (US) (15:00)
Speech President US Federal Reserve bank of Williams
Speech Fed Chairman Bernanke
Core machinery orders (JP)
ANNUAL REPORT
Cardiff Property
IMSS
Associated British Foods, C&C Group, Experian, Halfords Group, Home Retail Group
DRILLING REPORT
Premier Oil
SPECIAL DIVIDEND PAYMENT DATE
Avanti Capital
AGMS
Cambria Automobiles, Cardiff Property, Plant Impact
TRADING ANNOUNCEMENTS
Bovis Homes Group, Dixons Retail , Ladbrokes, Mothercare, Ocado Group, Premier Oil
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed before inflation data - German inflation rises
- Eurozone and US CPIs out
- ECB releases monthly report
- Bernanke speaks in Washington
FTSE 100: 0.06%
DAX: -0.07%
CAC 40: -0.22%
FTSE MIB: -0.58%
IBEX 35: -0.38%
Stoxx 600: -0.12%
European stocks were little changed as investors awaited inflation data in the Eurozone and the US and the European Central Bank's (ECB) monthly report.
The revised consumer price index (CPI) for the Eurozone in December is expected to be confirmed to have risen 0.8% year-on-year.
Separately, a report from the federal statistics office in Germany this morning showed inflation in Europe's biggest economy rose slightly in December by 0.4% on the month, pushing up the annual inflation rate to 1.4% from 1.3% in November.
Elsewhere in Europe, the ECB will release its monthly report which could shed further light behind its decision to keep its policy unchanged last week.
Speaking at a press conference following last Thursday's decision, President Mario Draghi said the ECB decided to maintain its benchmark interest rate despite a fall in CPI to 0.8% from 0.9% in November. Draghi dismissed fears of deflation, blaming an adjustment by the statistics office in Germany.
US inflation, jobless claims and Bernanke speech
US CPI is tipped to show an increase of 1.5% last month, compared to last month's 1.2% jump.
The US Labor Department will also unveil the latest figures for jobless benefits. Economists predict jobless benefits in the US fell to 328,000 in the week ended January 11th, the least since November.
The Federal Reserve is monitoring economic data closely ahead of its next policy announcement after its meeting at the end of this month.
The central bank began unwinding monthly bond purchases by $10bn to $75bn in December and said it would gradually introduce further tapering provided the economy showed continued improvement.
Outgoing Fed Chairman Ben Bernanke will speak in Washington this afternoon which could offer some insight into the central bank's next move. Fed official John Williams will also speak in Washington.
Rio Tinto, Richemont
Rio Tinto advanced after saying it exceeded its 2013 cost cutting targets and reported record iron ore production and shipments in the fourth quarter.
Cie. Financiere Richemont declined after reporting a rise in third-quarter sales that missed projections.
Carrefour retreated after the French retailer posted a fall in fourth quarter revenue.
The euro fell 0.01% to $1.3603.
Brent crude dropped $0.403 to $106.700 per barrel, according to data from the ICE. |
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| | US Market Report | | US close: S&P 500 hits new record as BofA leads banks higher - BofA reports big jump in Q4 profits due to easy comps
- Apple optimistic about China mobile deal
- World Bank lifts global growth forecasts
- Beige Book paints upbeat picture of US economy
Dow Jones: 0.66%
Nasdaq: 0.76%
S&P 500: 0.52%
Stocks finished firmly higher on Wednesday with the S&P 500 hitting an all-time high on hopes over the economic outlook and after strong gains from heavyweights Bank of America and Apple.
The benchmark S&P 500 ended 9.5 points higher (+0.52%) at 1,848.38, surpassing the previous record reached on December 31st 2013. The index also set a fresh intraday record of 1,850,84.
It was a strong day for equity markets worldwide after the World Bank made an upwards revision to 2014 global growth forecasts. It now expects the world's economy to expand by 3.2% this year, up from 2.4% growth in 2013 and higher than its June forecast for 2014 growth of 3%.
In the States, investors turned to the release of the Federal Reserve's Beige Book in afternoon trade which suggested that the central bank will likely continue tapering stimulus this month in the face of an improving economy.
The Fed said that the US continued to expand at a moderate pace towards the end of 2013 "with some [districts] citing expectations for 'more of the same' and some expecting a pick-up in growth".
Mortgage applications, NY manufacturing pick up
The Mortgage Bankers' Association revealed an 11.9% increase in mortgage application for the week to January 10th, compared to a rise of 2.6% a week earlier.
The Federal Reserve Bank of New York's regional manufacturing gauge moved higher in January to a reading of 12.51 points, up from a revised 2.22 the month before and well past the 3.5 expected by analysts. It is now at its highest level since May 2012.
US producer prices rose by 0.4% on the month in December, in line with market estimates. At the 'core' level they increased by 0.3% versus November, ahead of the 0.1% forecast.
BofA beats forecasts with Q4 numbers
Fourth-quarter profits at Bank of America surged to $3.44bn from just $732m a year ago when results were dampened by mortgage-related settlements. Per-share earnings rose to 29 cents, ahead of the 26 cents expected by analysts. Revenues also rose a better-than-expected 15% to $21.49bn, sending shares higher from the off.
Citigroup and Goldman Sachs, who are among 14 companies due to report their quarterly figures tomorrow, were making gains. JPMorgan Chase & Co and Wells Fargo & Co, which released their results yesterday, were also advancing after a subdued performance the previous session.
Apple rose strongly on hopes over its deal with China Mobile. The Chairman of the Chinese carrier revealed that customers have already ordered millions of iPhone devices, while Apple's Chief Executive Tim Cook said he is "incredibly optimistic" about the contract.
Tesla Motors was higher after the electric-car maker said it delivered 6,900 Model S cars in the fourth quarter, pushing its full-year sales beyond a company target.
ExOne Co. slumped after the 3D printing company said 2013 revenue will not exceed $42m, compared to its previous forecast of about $48m. Sector peer Stratasys also dropped after its 2014 profit forecast missed estimates.
S&P 500 - Risers
NetApp Inc. (NTAP) $43.51 +8.26%
CONSOL Energy Inc. (CNX) $38.39 +5.03%
Citrix Systems Inc. (CTXS) $62.98 +4.86%
MeadWestvaco Corp. (MWV) $37.38 +4.82%
Teradata Corp. (TDC) $47.63 +4.02%
Robert Half International Inc. (RHI) $42.68 +4.00%
Salesforce.Com Inc. (CRM) $59.72 +3.84%
Akamai Technologies Inc. (AKAM) $49.15 +3.60%
Morgan Stanley (MS) $32.22 +3.60%
Symantec Corp. (SYMC) $22.93 +3.24%
S&P 500 - Fallers
Fastenal Co. (FAST) $46.06 -4.46%
Regeneron Pharmaceuticals Inc. (REGN) $287.49 -4.27%
IntercontinentalExchange Group Inc (ICE) $210.88 -4.06%
WellPoint Inc. (WLP) $88.15 -3.50%
Gannett Co. Inc. (GCI) $28.27 -3.45%
AutoNation Inc. (AN) $47.63 -3.25%
Tesoro Corp. (TSO) $52.74 -3.25%
Marathon Petroleum Corporation (MPC) $86.65 -2.75%
Electronic Arts Inc. (EA) $21.93 -2.36%
Hess Corp. (HES) $77.67 -2.34%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $59.49 +3.03%
Microsoft Corp. (MSFT) $36.76 +2.74%
Verizon Communications Inc. (VZ) $48.27 +2.53%
Caterpillar Inc. (CAT) $92.41 +2.04%
Cisco Systems Inc. (CSCO) $22.78 +1.65%
General Electric Co. (GE) $27.34 +1.37%
American Express Co. (AXP) $88.25 +1.30%
United Technologies Corp. (UTX) $114.07 +1.28%
Goldman Sachs Group Inc. (GS) $178.75 +1.22%
Unitedhealth Group Inc. (UNH) $74.84 +1.11%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $52.52 -0.91%
Wal-Mart Stores Inc. (WMT) $77.66 -0.38%
Exxon Mobil Corp. (XOM) $98.78 -0.34%
Chevron Corp. (CVX) $119.18 -0.33%
Walt Disney Co. (DIS) $74.28 -0.23%
Procter & Gamble Co. (PG) $80.79 -0.10%
Nasdaq 100 - Risers
NetApp Inc. (NTAP) $43.51 +8.26%
Citrix Systems Inc. (CTXS) $62.98 +4.86%
Akamai Technologies Inc. (AKAM) $49.15 +3.60%
Symantec Corp. (SYMC) $22.93 +3.24%
F5 Networks Inc. (FFIV) $97.50 +3.15%
Avago Technologies Ltd. (AVGO) $56.97 +3.08%
Nxp Semiconductors Nv (NXPI) $45.39 +2.88%
Xilinx Inc. (XLNX) $47.37 +2.87%
CH Robinson Worldwide Inc (CHRW) $59.34 +2.77%
Microsoft Corp. (MSFT) $36.76 +2.74%
Nasdaq 100 - Fallers
Fastenal Co. (FAST) $46.06 -4.46%
Regeneron Pharmaceuticals Inc. (REGN) $287.49 -4.27%
Netflix Inc. (NFLX) $330.38 -2.24%
Intuitive Surgical Inc. (ISRG) $412.80 -1.69%
Mylan Inc. (MYL) $45.46 -1.64%
Green Mountain Coffee Roasters Inc. (GMCR) $79.10 -1.56%
Micron Technology Inc. (MU) $23.33 -1.44%
Baidu Inc. (BIDU) $170.50 -1.37%
Celgene Corp. (CELG) $165.35 -1.01%
Charter Communications Inc. (CHTR) $136.04 -0.95% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Banks, Food prices, Age of Oil Bank of England governor Mark Carney said on Wednesday he opposed both the idea of a "crude bonus cap" and of reducing retail banks' market share, dealing a blow to Ed Miliband's proposals to shake up the banking sector. The Labour party leader plans to announce on Friday that a Labour government would ask competition authorities to investigate whether high street banks are abusing their dominant positions. He has also called on the government to veto bonuses of up to twice the salary of bankers at state-owned Royal Bank of Scotland. – Financial Times
The European Union has voted through rules to limit the ability of banks and hedge funds to bet on food prices. Arlene McCarthy, a Labour MEP for the north-west, said the new rules, known as Mifid, would "curb speculation and help decrease price volatility and inflation" which had a "devastating impact on poor and food dependent countries". "For the first time the EU will regulate commodities to tackle food speculation," she said. – The Guardian
It has lasted nearly a hundred years, but soon the age of oil will be over as gas becomes the fuel of choice for wealthy nations, leaving Europe even more dependent on imports from Russia. Rising fuel efficiency and the growing role played by gas to generate electricity will push oil into second place. By 2035, oil consumption in the European Union will have fallen to its lowest level since 1967. However, the fact that gas is harder to transport than oil means that Europe's fragile energy security will weaken further over the next two decades. – The Times
Mobile phones and tablet computers are now used for nearly 6% of all retail sales as Brits embrace shopping from the sofa, the train and under the duvet. While total online sales rose 18% year-on-year in December to £11.1bn, according to the latest figures from e-tail industry body IMRG and advisory firm Capgemini, sales via mobile devices doubled to £3bn. – The Guardian
The Bank of England expects house prices to rise by about 10% over the next two years before the market cools. Although the Bank does not publish its housing projections, Mark Carney, the Governor, revealed to MPs on the Treasury Select Committee that it expected prices to continue rising at their present pace until late next year, before moderating in 2016. - The Times
Yahoo has lost its chief operating officer, Henrique de Castro, who was brought in by chief executive Marissa Mayer just over a year ago as part of her turn-around strategy. Mr de Castro, who steered the advertising business, will leave Yahoo on Thursday, the internet company said, and may still receive a sizeable chunk of his original $60m pay package. His departure comes as Yahoo's share of the digital advertising market continues to decline, even though the perception of Yahoo on Wall Street and Silicon Valley has improved dramatically. – Financial Times | | |
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